期刊名称：Discussion Papers / Business School, University of Strathclyde
出版年度：2010
卷号：2010
出版社：University of Strathclyde
摘要：This paper reviews the evidence on the e®ects of recessions on potential
output. In contrast to the assumption in mainstream macroeconomic
models that economic °uctuations do not change potential output paths,
the evidence is that they do in the case of recessions. A model is proposed
to explain this phenomenon, based on an analogy with water °ows in
porous media. Because of the discrete adjustments made by heterogeneous
economic agents in such a world, potential output displays hysteresis with
regard to aggregate demand shocks, and thus retains a memory of the
shocks associated with recessions.
